RSGMEDIUM SIGNALFINANCIAL10-K

Republic Services significantly ramped up share buybacks by 80.5% to $870M while expanding operations and facilities, though interest expense rose 28.5% reflecting higher debt costs.

The dramatic increase in share buybacks demonstrates strong cash generation and management's confidence in the business, evidenced by the reduction in outstanding shares from 312.3M to 308.8M. However, the substantial rise in interest expense suggests either increased borrowing or higher rates on existing debt, which could pressure future profitability if not offset by operational improvements.

Comparing 2026-02-18 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

Republic's financial position shows a company aggressively returning cash to shareholders through an 80.5% increase in buybacks to $870M, successfully reducing the share count by over 3 million shares. However, interest expense climbed significantly by 28.5% to $508.2M, indicating higher financing costs that will need to be monitored against the company's expansion efforts. The combination suggests a company with strong cash flows but facing headwinds from the higher interest rate environment.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+80.5%
$482.0M$870.0M

Share repurchases increased 80.5% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
+28.5%
$395.6M$508.2M

Interest costs rose 28.5% — monitor debt levels and coverage ratio in rising rate environment.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-14
ADDED
As of February 10, 2026, the registrant had outstanding 308,804,970 shares of Common Stock (excluding treasury shares of 4,827,437).
Form 10-K Summary 114 Signatures 115 T a b l e o f C o n t e n t s Unless the context requires otherwise, all references in this Form 10-K to Republic, Republic Services, the Company, we, us and our refer to Republic Services, Inc.
BUSINESS Overview Republic Services is one of the largest providers of environmental services in North America, as measured by revenue.
We operate across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers.
We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills.
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REMOVED
As of February 6, 2025, the registrant had outstanding 312,284,953 shares of Common Stock (excluding treasury shares of 907,491).
BUSINESS Overview Republic is one of the largest providers of environmental services in the United States, as measured by revenue.
We operate across the United States and Canada through 367 collection operations, 248 transfer stations, 75 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 14 deep injection wells, and 1 polymer center.
We are engaged in 79 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills.
We believe the total addressable North American environmental services market in which we operate generates approximately $165 billion of annual revenue, which includes the $105 billion United States and Canada recycling and waste industry, $35 billion of the broader environmental solutions industry, and $25 billion in sustainability innovation (described below) and emerging waste and recycling technologies.
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